Category: Money tips Release Date: 2006-06-09
According to three quarterly statistics, QFII's stock-picking there are four preferences, but also indicates that there is a big opportunity for these stocks afternoon.
Preference 1: a clean sweep of convertible bonds
3 Quarterly Bulletin revealed that 23 companies of convertible bonds by Ge Jia QFII holding, so far, the market only 29 companies issued convertible bonds in the transaction, we see that nearly 80% of convertible bonds which varieties were recruited QFII .
6 have not been QFII largest holding of convertible bonds, respectively Jacoby convertible bonds, convertible bonds, Nanshan, cloud-based convertible bonds, Gehua convertible bonds, convertible bonds, and Taurus Chenming convertible bonds, while shares of these companies are all QFII investment is not in the ranks.
By QFII selected convertible bonds, its A shares also been QFII largest holding, such as the Shenzhen Vanke A, Yanjing Beer, G Fengyuan, Valin, Shougang shares, G people's livelihood and Fosun medicine.
QFII indicate the preferences of the majority of the stock picking convertible bonds issued A-shares worth noting species, especially in Yanjing Beer by Swiss banks and commercial banks in the Netherlands were holding 4490 shares and 381 million shares of stock in the past two years now since the low.
Preference 2: A + B Ai B share companies are more
3 quarterly show, QFII In total, 34 B shares coming out of the top ten shareholders, including the Shenzhen B shares have 14, while the Shanghai B is 20. Despite the deep-B, the average price-earnings ratio is far lower than the Shanghai B, but the QFII in Shanghai B, chose more variety, it is difficult to understand.
In addition, the QFII investment in B shares, A + B Company A shares and B shares at the same time has been selected QFII investment and Jin Jiang Jin Jiang Hotel is only two individual stocks.
A + B companies select only A shares and B shares have no choice, only CIMC, Shenzhen Vanke A and a very small number of companies. Taken together, QFII pairs of A + B is more favored the company's B shares, showing A + B's B shares worth substantially more than the relevant A shares, these companies investors can focus on opportunities for B shares.
Preference 3: A + H preferred A shares of the company
3 Quarterly Bulletin revealed that a total of 9 A + H shares were held by QFII, at present a total of 29 cities of A + H companies.
Comparison of A + H companies A shares and H shares of the stock price, can be found by QFII selected A + H shares A shares and H shares of the gap is relatively small. Conch Cement A, such as the current stock price less than the H shares, while Yanzhou Coal, Angang, ZTE Corporation, Maanshan Iron and Steel shares and stocks such as Jiangxi Copper A-shares and H shares is also very close to Eastern Airlines and Guangzhou Pharmaceutical industry and Shen Gaosu Although 40% of the difference. As stock reform of A shares with the right to obtain the difference after the price would be significantly reduced. So QFII preference A shares and H shares in the share price close to the variety of this feature are obvious.
QFII selected stocks are currently in Yanzhou Coal, Shengao Su, Ma Steel shares, etc. at the bottom of the stocks of concern. In addition, A + H shares in while not being close to parity QFII largest holding, but the varieties such as China Petrochemical, Shanghai Petrochemical, Qingdao Beer and China Southern Airlines is also worthy of attention.
Preference 4: Select A shares love crowding together
Securities investment funds, individual stocks often the choice of a "bunching" phenomenon, that is coincidentally the same time, a number of agencies involved in a Shigekura stocks. "Great minds think alike" situation in the QFII Shigekura also performed quite well. 3 Quarterly Bulletin revealed that while 21 stocks were 3 or more QFII largest holding at the same time.
At the same time a number of agencies fancy a stock, showing the Unit is a high degree of institutional recognition, the corresponding fundamentals and more reliable, for which there was currently at a relatively low cumulative gains or smaller species, the more potential opportunities for market outlook large, such as the Conch Cement, Nanning Sugar Industry, the South China Sea development, and Shen Baoheng so you can focus on individual stocks. (LI Dong-sheng)
